Social media has become a powerful tool, that any business owner can use to engage its customers, convert them into sales and drive revenue growth. Social Media Correlates to Business Growth. The problem is that still many small business owners find themselves confused about how to use it in their favor.
Steven D. Strauss, small business expert and author of “The Small Business Bible” has recently released the results of its Small Business and Social Media Study. As Strauss notes in an article at “Small Business Computing,” given the marketing choice of a Facebook page
Social Media Correlates to Business Growth
with 2 million active fans, a Super Bowl ad or a celebrity endorsement, the number one pick among those surveyed was the Facebook page (41 percent).
So, while 41 percent wish to win the Facebook marketing lottery, 53 percent still struggle to use social media effectively. The good news is that of those who do use social media and track their ROI, 76 percent of those small businesses of whom took part in the survey say they saw a positive ROI on their social media efforts.
Today’s word-of-mouth consists of shares, likes and re-tweets. No business can afford to ignore social media — it drives traffic, growth and revenue. Here are few tips, which can help your business’ social media initiative:
A. Baby-steps:
Focus on 1, or 2 social media sites, pick only those sites where your customers congregate.
B. Stats Play an Important Role
While social media marketing is one of the most affordable ways to build your business, don’t forget to track your efforts and keep tabs on what your get back on your investment in time. The general metrics include likes, shares and followers, but remember, all of those social interactions “should be making you more money,” says Strauss. If you’re not getting results—revenues aren’t going up, or worse yet, they’re dropping—it means that you’re not engaging effectively and it’s time to reassess your methods and try a new social approach.
C. 20:80 Ratio Formula
You have to be very careful about using 20:80 ratio formula. Retain an 80% focus on your customers and only 20% on your own business.
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